Timeshare owners have asked us to put together an easy to follow guide for the best practices for renting your timeshare.
⚡️ Do the math
The first step in being successful in renting your timeshare out is to do the math. Some timeshare owners have more flexibility for booking their timeshares than others.
We recommend figuring out →
• How much you will pay to book the timeshare which includes
- Maintenance Fees on the timeshare
- Any booking fees or taxes
- Any guest certificates if applicable
• When is your timeshare resort in high demand (if you have the ability to book different times)?
• What Unit Sizes are most popular (if applicable)?
• What are comparable resorts renting out per night?
• How much will it cost to advertise the timeshare for rental?
All of these factors will allow you to figure out if it's worth renting your timeshare, and if so when the best chances are for your family to reap the reward.
📆 Plan in advance
Most timeshare resorts are just like hotels and have more availability for timeshare owners the earlier you book. For peak times and season, the earlier you book the timeshare the more likely it is that you will get to reserve the room that you want.
Plus the sooner you book the timeshare, the sooner you can begin advertising the timeshare for rent. This also gives you added time to see if the unit is marketable will actually rent. Conversely, waiting to the last minute to attempt renting your timeshare is never a good idea. This happens every year when timeshare owners do not want to pay the annual maintenance fees.
✍️ Get a rental agreement
Many times online rental apps like Airbnb, VRBO, or Flipkey will provide you the ability to rent your timeshare, collect a payment, and also handle the required paperwork including the rental agreement. However, if you are renting your timeshare to a friend or co-worker it's best to have an agreement in place to ensure both parties are aware of what is to take place, acceptable uses of the timeshare, and to protect both parties in the transaction.
🔍 Hire a third party
Sometimes it's best to hire a third party to handle the rental process. Even though this will cost more than renting your timeshare yourself, the upside is that the timeshare rental company knows how to market your timeshare for rent better than you. Also, they will be smart about the best usage of points, and seasons, and apply any VIP benefits to reduce your cost to book the timeshare.
The company we recommend to use if you're looking to rent your timeshare is →
Sometimes, it's nearly impossible to make enough money to cover the cost of renting your timeshare, but it's worth a shot to see if you're able to reduce the cost of your timeshare.
Ready to cancel your timeshare?
Start with your free copy of The Cancel Timeshare Handbook.